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. Last Updated: 07/27/2016

Kazakh Steel Suspect

BANGKOK, Thailand -- Thailand's Sahaviriya Steel Industries, badly hurt by cheap steel imports during 1996, will soon launch steel dumping complaints against Kazakhstan, the company's top executive said on Tuesday.

SSI Managing Director Adisak Lowjun told reporters that the company has compiled information about alleged dumping, or exporting below domestic prices, by Kazakhstan for almost a year.


"We are delighted with the issue. It has got the broadest possible distribution," a dealer at ABN AMRO said.

Around 40 percent was sold in Europe, 40 percent in the United States, and the remaining 20 percent was placed in Asia, ABN said.

Kazakh officials earlier had said the issue was likely to be in the $100 million range. Russia's Eurobond was heavily oversubscribed and the float more than twice initial projections.

The bond issue followed a series of economic presentations around the world by Kazakh officials and investment bankers from ABN AMRO.

Grigory Marchenko, chairman of Kazakhstan's securities commission, told investors at a meeting in New York last week that the country did not need money at present but was seeking to establish itself internationally.

Prime Minister Akezhan Kazhegeldin said his country stacked up favorably against other similarly rated countries in terms of external debt and natural resources but admitted there were concerns about projects to transport Kazakh oil and gas to the world market.

Kazakhstan last month won a BB- credit rating from the U.S. Standard & Poor's agency, matching the high speculative grade assessment given to Russia ahead of its inaugural Eurobond.

Eurobonds allow issuers in emerging markets to borrow from international investors at rates far more favorable than they usually can obtain on their domestic debt markets.

Government bonds in Russia, for example, now yield three to four times as much as the Eurobond.